Here's how the Internet of Things will explode by 2020

The Internet of Things (IoT) has been labeled as "the next Industrial Revolution" because of the way it will change the way people live, work, entertain, and travel, as well as how governments and businesses interact with the world.

In fact, the revolution is already starting.

That brand new car that comes preloaded with a bunch of apps? Internet of Things. Those smart home devices that let you control the thermostat and play music with a few words? Internet of Things. That fitness tracker on your wrist that lets you tell your friends and family how your exercise is going? You get the point.

But this is just the beginning.

BI Intelligence, Business Insider's premium research service, has tracked the growth of the IoT for more than two years, specifically how consumers, businesses, and governments are using the IoT ecosystem. John Greenough and Jonathan Camhi of BII have compiled an exhaustive report that breaks down the entire IoT ecosystem and forecasts where the burgeoning IoT market is headed. And you can learn more and purchase the report here: The Internet of Things Ecosystem Research Report

During the creation of this report, they put together the infographic below to show how the IoT ecosystem functions and to forecast how the IoT is poised to explode by 2020.

In total, we forecast there will be 34 billion devices connected to the internet by 2020, up from 10 billion in 2015. IoT devices will account for 24 billion, while traditional computing devices (e.g. smartphones, tablets, smartwatches, etc.) will comprise 10 billion.

Nearly $6 trillion will be spent on IoT solutions over the next five years.

Businesses will be the top adopter of IoT solutions. They see three ways the IoT can improve their bottom line by 1) lowering operating costs; 2) increasing productivity; and 3) expanding to new markets or developing new product offerings.

Governments are focused on increasing productivity, decreasing costs, and improving their citizens’ quality of life. We forecast they will be the second-largest adopters of IoT ecosystems.

Consumers will lag behind businesses and governments in IoT adoption. Still, they will purchase a massive number of devices and invest a significant amount of money in IoT ecosystems.

In full, the report:

Distills the technological complexities of the Internet of Things into a single ecosystem

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The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the IoT.